Standard.—The weight and fineness fixed by law for the coins; hence the term “standard weight” or “standard fineness.”
Base Bullion.—Gold or silver bullion not fit for coinage purposes, by reason of the presence of base metals, until refined.
Mint Mark.—The letter or mark on the coin, designating the mint at which it was struck; as “S” for San Francisco, “C C” for Carson City, “O” for New Orleans.[30]
Money of Account.—The ideal unit, or money term, in which accounts are stated or transactions made, as the pound sterling of Great Britain, the dollar of the United States, the franc of France, and the reichsmark of the German Empire.
Coins of Standard Value.—In modern times a government first establishes a money of account or ideal unit, and then fixes by law the quantity of gold or silver which shall, in the form of a coin with unlimited legal-tender power, represent that ideal unit. Such coins, with their multiples and divisions, are termed “coins of standard value” or “standard coins.”
Subsidiary Coins.—In the United States silver coins of less denomination than the dollar, which have a nominal value exceeding their intrinsic or bullion value, and limited as legal tender to sums not exceeding five dollars.
Minor Coins.—Coins of small denominations used for change, and struck from other metals than gold or silver.
Mint Prices of Gold and Silver (Coining Value).—The rate per standard ounce at which the mint converts bullion into legal-tender coins. The coining rate of an ounce of standard gold bullion, i. e., bullion ⁹⁰⁰⁄₁₀₀₀ fine in the United States is $18,604+. The coining rate of the silver dollar of 412½ grains, discontinued by law April 1, 1873, was $1.16⁴⁄₁₁ per standard ounce.
The Basis of the Money System of all civilized nations is gold or silver, or both, in a ratio fixed by law. The relative valuation of the two metals in the coins of nations using the double standard, is about one of gold to fifteen and a half of silver.
Partial List of Medals in Copper-Bronzed, also, in Gold and Silver, which may be obtained at the Mint.